Work in one state? Live in another? This may be
big - (www.cnbc.com) The
Supreme Court is taking up a dispute over how a state may tax income its
residents earn in another state. The high court on Monday agreed to hear an
appeal from Maryland officials who want to overturn a lower court ruling
that found the state's tax law unconstitutional. Maryland law allows
residents to deduct income taxes paid to other states from their Maryland
state tax. But it does not apply that deduction when it comes to local
"piggyback taxes" the state collects for county and city
governments. Last year, the Maryland Court of Appeals said the tax violates
theConstitution's Commerce Clause and discourages Maryland residents from earning
money outside the state.
Obama sides with banks in Madoff dispute - (www.cnbc.com) The
Obama administration is siding with big banks in a dispute over their alleged
role in the Bernard Madoff Ponzi scheme. Solicitor General Donald Verrilli Jr.,
in a 22-page filing late Friday, urged the Supreme Court to let stand a lower
court ruling that would bar Madoff Trustee Irving Picard from pursuing billions
of dollars in claims against the likes ofHSBC, UBS and
Italy's UniCredit, which Picard alleges helped enable the scam to take place. Picard
had also sued Madoff's primary banker, JPMorgan
Chase,
seeking some $19 billion in damages. Earlier this year, Chase agreed to pay
$543 million to settle the case, but the appeals involving the remaining banks
have continued. The banks have denied wrongdoing, and argue that Picard has no
standing to sue them on behalf of Madoff's clients.
China
Said to Push Banks to Remove IBM Servers for Security - (www.bloomberg.com) The
Chinese government is reviewing whether domestic banks’ reliance on high-end
servers from International Business
Machines Corp. (IBM) compromises
the nation’s financial security, people familiar with the matter said, in an
escalation of the dispute with the U.S. over spying claims. Government
agencies, including the People’s Bank of China and the Ministry of Finance, are asking
banks to remove the IBM servers and replace them with a local brand as part of
a trial program, said the four people, who asked not to be identified because
the review hasn’t been made public.
China
clamps down on US consulting groups - (www.ft.com) China
has ordered state-owned enterprises to cut ties with US consulting companies
such as McKinsey and Boston Consulting Group because of fears they are spying
on behalf of the US government, according to people close to senior Chinese
leaders. The instruction comes days after the US Justice Department indicted five People’s Liberation Army officers on
charges of cyber-espionage and stealing trade secrets from US
corporations including Alcoa, US Steel and
Westinghouse. Beijing’s response to the indictments was swift, with a
propaganda campaign in Chinese state media describing the US as a “mincing rascal”
and “high-level hooligan”. The decision to ban state enterprises from working
with western consulting companies marks a further escalation in Beijing’s response.
Bad
Credit No Problem as Balance-Sheet Bombs Rally 94% - (www.bloomberg.com) In the U.S. equity market, the worse a
company’s finances, the better it’s doing. Stocks with the weakest balance
sheets have climbed more than 8 percent in 2014 and 94 percent since the end of
2011, generating almost twice the gain in the Standard & Poor’s 500 Index (SPX) over that period, according to data
compiled by Bloomberg and Goldman Sachs Group Inc. Shares in the category this
year are beating those that most investors consider the bull market’s
leaders, such as small caps and biotechnology, which tumbled in March.
Mr. Putin’s Far-Right Friends - (www.nytimes.com)
U.S. Moves Marines as Precaution for Libya Evacuation - (www.bloomberg.com)
U.S. Moves Marines as Precaution for Libya Evacuation - (www.bloomberg.com)
Former Top China JPMorgan Banker Said to Be Arrested in
Hong Kong - (www.nytimes.com)
Are there any GM cars that haven't been recalled? - (www.usatoday.com)
Are there any GM cars that haven't been recalled? - (www.usatoday.com)
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